Women need to connect with advice: Asteron

Insurance advisers may have an untapped market in female small business owners.

Research commissioned by Asteron Life shows female small business owners and decision-makers (SMEs) were less likely to seek expert advice when it comes to insuring their business than their male counterparts.

The research shows SMEs who did not use an adviser felt they could sort their insurance easily enough themselves, but women were more likely to say they had not thought about it, at 13% compared to 2% of men, or that they did not see the benefit (18% compared to 12%).

Asteron noted that was surprising because women who did use an insurance adviser had a high understanding of the value.

"Our research shows that female SMEs are significantly more likely than makes to say that their broker provides expert knowledge and advice and that they trust their adviser to get them the right insurance at the right price.

"They are also more likely than male SMEs to understand and value the fact that using a broker saves them time, and gives them the peace of mind that they are getting the right cover."

Men were more likely to rate the value or price.

More than a third of women said they would consider using an adviser if they knew that person would bring expert knowledge and advice.

All SME owners rated not being able to trade for a long period as their main concern, followed by the business owner or a key employee having to take time off due to illness or injury.

“All SMEs have a lot on their plate, but our research shows that women are worrying a lot more about a far greater range of things, and are also more likely to feel that they have no time for themselves or their families,” Catherine Bateman, executive manager customer experience, at Suncorp, which operates the Asteron brand, said.

“On the other hand, it’s clear that when they get advice women are getting more value from it than men, because they are much more likely to say they are saving time, getting expert advice and have greater peace of mind when using an insurance broker.

“We need to find a way to connect women to the expert advice out there, because we know when they do this they get so much value from it. When women want something done, I think the natural response for many is to just do it,” she said. “But using the services of an insurance broker is one aspect of their business where female SMEs could save themselves time and create more peace of mind,” she said.

Bateman said Asteron would be using the findings to work with brokers and advisers to help them offer a compelling proposition to female SMEs.

Comments from our readers

On 4 December 2018 at 9:26 am Dirty Harry said:

Is the term "SME" being overused? I've met a lot of these 'business owners'.

Many of the business being generalised here are part time, micro businesses that live below the GST threshold. Not their household's main income, a hobby that's trying to turn a profit. Or something to do that isn't a job (with all the obligation and commitment that goes with working for someone, that fits around kids and a busy household.

Love the quote "More than a third of women said they would consider using an adviser if they knew that person would bring expert knowledge and advice."

Yup.

If they only knew. Nothing to do with most brokers and advisers being men though, eh?